EAAA India Alternatives leads domestic AUM, ranks second in fundraising

EAAA India Alternatives leads the source’s listed domestic alternatives assets under management, or AUM, comparison with USD 10.1 billion. Its USD 9.1 billion fundraise over the last 10 years ranks second behind Kotak Alternate Asset Managers at USD 10.1 billion, showing that current AUM and cumulative fundraising measure different things.

What does EAAA’s domestic AUM leadership measure?

EAAA’s domestic leadership claim measures latest reported AUM, not funds raised over a 10-year period. AUM is the value of assets managed for investors, while the separate Preqin table records fundraising during the last decade. EAAA is listed with USD 10.1 billion of AUM, above 360 One at USD 5.9 billion and ICICI Prudential AMC at USD 5.4 billion.

The source does not present the AUM figures as a same-date industry census. It says the latest figures span disclosures from June 2025 to June 2026, depending on each manager’s reporting. The comparison is labelled as Indian alternative investment fund, or AIF, players, so EAAA’s position applies to the nine named domestic firms and to the disclosed timing range.

Is EAAA the largest listed domestic alternatives manager by AUM?

Yes, EAAA is the largest of the nine domestic managers listed by AUM, at USD 10.1 billion. Its AUM is USD 4.2 billion above 360 One, the next-largest listed manager at USD 5.9 billion, and USD 4.7 billion above ICICI Prudential AMC. Kotak Alternate Asset Managers is listed at USD 4.0 billion of AUM despite leading the separate 10-year fundraising table.

The domestic AUM list also places EAAA ahead of SBICAP Ventures at USD 3.2 billion, Motilal Oswal at USD 3.1 billion and True North at USD 3.0 billion. Vivriti Asset Management is listed at USD 1.1 billion and Axis Asset Management Company at USD 0.3 billion. The eight other domestic firms total USD 26.0 billion, making EAAA’s USD 10.1 billion about 28% of the USD 36.7 billion aggregate for the displayed group.

How does EAAA’s 10-year fundraising compare with peers?

EAAA ranks second in the source’s 10-year fundraising table, raising USD 9.1 billion against USD 10.1 billion for Kotak Alternate Asset Managers. The USD 1.0 billion difference means the source does not support calling EAAA the largest fundraiser over that period. EAAA nevertheless raised USD 3.0 billion more than 360 One’s USD 6.1 billion.

The source says leading alternative fund managers in India raised about USD 33 billion over the past decade, with the top three accounting for about 75% of the total. The displayed top three, Kotak at USD 10.1 billion, EAAA at USD 9.1 billion and 360 One at USD 6.1 billion, raised a combined USD 25.3 billion. This concentration links fundraising scale to the source’s identified competitive factors, including long-standing limited partners, investment teams and operating track records.

How does EAAA compare with foreign India-focused managers?

EAAA’s USD 10.1 billion of AUM is the largest figure among the listed domestic firms, but it is below the largest foreign managers’ disclosed India-focused AUM. Blackstone Inc. is listed at about USD 50.0 billion and Brookfield at about USD 30.0 billion. KKR & Co. is listed at about USD 10.0 billion, close to EAAA’s USD 10.1 billion.

The source uses different labels for the two groups. The domestic section is headed Indian players and reports latest AUM, while the foreign section explicitly describes India-focused AUM. Advent International is listed at about USD 6.0 billion, Carlyle Group at about USD 5.0 billion and Warburg Pincus at about USD 3.0 billion. EAAA’s domestic ranking therefore does not establish leadership across all local and international managers investing in India.

What supports EAAA’s position in the alternatives market?

EAAA’s stated market position rests on its 2008 establishment year, more than 17 years of presence and a platform across real assets and private credit. The source identifies only a handful of multi-strategy competitors, with ICICI Prudential AMC, Kotak Alternate Asset Managers and Motilal Oswal also shown in both real assets and private credit. The market landscape describes track record, scale, sponsor backing, underwriting, risk management and asset-management capability as competitive factors.

The broader alternatives market is projected to expand, although the forecast does not determine any manager’s future ranking. Alternatives AUM represented 2.91% of India’s gross domestic product, or GDP, in 2015 and 3.88% in 2025, with a forecast of 4.33% for 2030. Private credit is forecast to rise from 14% of alternatives AUM in calendar year 2025 to 24% in calendar year 2030, while private equity is forecast to fall from 67% to 58%.

EAAA’s exposure to private credit matters because the source records that market growing at a compound annual growth rate, or CAGR, of 18% between calendar year 2015 and calendar year 2025. Private credit AUM increased from USD 4.1 billion to USD 24.2 billion over that period, while real assets increased from USD 18.7 billion to USD 28.9 billion. Continued growth in those strategies would require the projected demand for credit and real-asset financing to materialise, alongside managers’ ability to raise and deploy capital.

Conclusion

EAAA leads the source’s listed domestic AUM group at USD 10.1 billion, ahead of every named Indian peer, while Kotak leads the displayed 10-year fundraising ranking at USD 10.1 billion versus EAAA’s USD 9.1 billion. The figures establish a domestic AUM lead within a June 2025 to June 2026 reporting range, not an all-manager ranking of India-focused alternative assets.

The next disclosed development to watch is the calendar year 2030 forecast for private credit, whose share of alternatives AUM is expected to increase by 10 percentage points to 24%. EAAA’s relative standing will depend on fundraising and managed-asset growth across its real-assets and private-credit platform, while common reporting dates would be needed for a more precise peer comparison.